The Latin American markets are mostly higher today, with only
the IPC index for Mexican stocks posting a decline. Energy and
financial stocks are helping lift the other regional indexes while
mining stocks are mostly underwater as metal futures trade little
In economic news, Brazil's Planning Ministry last night cut its
forecast for 2012 economic growth, saying it now sees 2% growth
this year compared to its previous call expecting a 3% rise. Actual
growth in 2011 was 2.7%.
The ministry maintained its 4.7% inflation forecast for
Here's where the regional markets stand today:
- Ibovespa up 297.97 (+0.5%) to 61,985.
- IPC (Mexico City) down 42.48 (-0.1%) to 40,456.87.
- Santiago Index IPSA up 12.71 (+0.3%) to 4,230.71
- Merval Buenos Aires up 34.82 (+1.4%) to 2,535.61
In ADR news, BG Group plc (
) expects Brazil to represent one-third of its global crude-oil
output by 2020, saying its stakes in offshore oil fields in the
Latin American country already are producing as much as its North
Seas operations did at its peak.
BG expects its share of production from four deep-water blocks
offshore Brazil to reach 600,000 barrels of crude oil per day by
2020, up from 30,000 barrels currently, BG Brasil President Nelson
Silva said Thursday in an interview with Dow Jones.
The four blocks, located in a cluster of ultra- deepwater
discoveries known as the subsalt, are all operated by Brazilian
state-run energy company Petrobras (
). BG holds stakes of between 20% and 30% in each block.
The companies initially plan on installing 14 floating platforms
made from converted oil tankers. The first platform is producing
about 100,000 barrels a day from the Lula field. Two more floating
platforms are planned for the Sapinhoa and Lula Northeast fields by
next June, reaching full production of about 240,000 barrels a day
combined in 2014, Silva said.
BRGYY shares are down about 0.4% today.